The dollar remained near six-month highs against the yen on Friday. Strong economic data decreased the likelihood of Federal Reserve rate cuts. Japan experienced its slowest export growth in over two years in April. Today’s USD/JPY price analysis is bullish. On Friday, the dollar remained near six-month highs against the yen. The growing optimism regarding a potential resolution in US debt ceiling talks and the release of strong economic data decreased the likelihood of Fed rate cuts this year. –Are you interested in learning more about day trading brokers? Check our detailed guide- The dollar index hit its highest level in two months. Over the past two weeks alone, it has climbed by nearly 2.5%. Japan experienced its slowest export growth in over two years in April, primarily due to declining shipments bound for China. According to a Ministry of Finance report on Thursday, exports rose by 2.6% compared to last year. This growth rate fell short of the 3.0% increase economists had anticipated, representing a slowdown from the 4.3% rise recorded in March. It also marked the weakest expansion since February 2021, when exports declined by 4.5%. Japan’s economy, ranked third-largest globally, emerged from a recession in the first quarter. However, the sluggishness in exports is exerting pressure on factory activity and hindering a broader recovery. Since the February 2021 decline, exports have registered monthly growth, aided in part by a weaker yen that has enhanced the competitiveness of Japanese products. However, the gross domestic product (GDP) data for January-March on Wednesday revealed a 4.2% export slump. This marked the first quarterly decline in 18 months. USD/JPY key events today All focus today will be on the Fed Chair Jerome Powell. His speech will likely contain clues on the next step in the Fed’s monetary tightening campaign. Get FREE Forex Signals Now! USD/JPY technical price analysis: Beas to retest 137.75 USD/JPY technical price chart USD/JPY is in a developed uptrend, looking at the 4-hour chart. The bullish move has been steep with shallow pullbacks. Indicators on the screen also show strong bullish momentum, with the RSI well above 50 and the 30-SMA trading below the price. –Are you interested to learn more about low spread forex brokers? Check our detailed guide- However, the price is pulling back after such a steep move. This pullback might retest the 137.75 support level before the uptrend continues. The next stop for bulls will likely be at the 139.00 resistance. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next Gold Price: Dead Cat Bounce Ahead of Powell’s Speech Olimpiu Tuns 6 days The dollar remained near six-month highs against the yen on Friday. Strong economic data decreased the likelihood of Federal Reserve rate cuts. Japan experienced its slowest export growth in over two years in April. Today’s USD/JPY price analysis is bullish. On Friday, the dollar remained near six-month highs against the yen. The growing optimism regarding a potential resolution in US debt ceiling talks and the release of strong economic data decreased the likelihood of Fed rate cuts this year. -Are you interested in learning more about day trading brokers? Check our detailed guide- The dollar index hit its highest level… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.